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Rooney’s agents build on capital

By Ashling O’Connor

March 21 2005, 12:00am, The Times

FORMATION GROUP, THE agency that represents Wayne Rooney, is expected today to announce the acquisition of Capital Sports Solutions, a financial brokerage business owned by David McKnight, for up to £3.1 million. The deal will add another prong to the publicly quoted company’s legal and professional services division.

For the past three years McKnight has provided alternative financing to Premiership clubs by providing a structure for “accelerated receivables”. This allows for clubs due to receive money on sponsorship deals or player transfers, where payments are usually staggered across the length of the contracts, to bank it early via a secondary market of lenders.

The service means that clubs can start stadium improvements or other expansion plans without turning to a securitisation, a more risky option…